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S. 4367

BillFederalSenateIn Committee
A bill to amend the Internal Revenue Code of 1986 to eliminate limitations on contributions to health savings accounts.
About This Bill
Committee
Latest Action · July 29, 2020
Read twice and referred to the Committee on Finance.
Congress
116th (2019–2021)
Introduced
July 29, 2020
Sponsor
Sen. Rand PaulR
Cosponsors (0)
None
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Summary

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Health Savings Accounts For All Act of 2020 This bill revises provisions relating to health savings accounts (HSAs). Specifically, the bill repeals the annual limitation on tax-deductible contributions to HSAs by plan participants and their employers; eliminates the requirement that an HSA participant must be enrolled in a high deductible health plan as a condition of eligibility; expands qualified medical expenses to include prescription and over-the-counter drugs; allows payments from HSAs for health insurance premiums; allows payment of medical expenses incurred prior to the establishment of an HSA and correction of administrative errors prior to the due date of an applicable tax return; allows a tax-free rollover of amounts in an HSA, upon the death of an account holder, to the account holder's child, parent, or grandparent; and extends bankruptcy protections to HSAs on the same basis as tax-preferred retirement plans.

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